One World Lithium Inc. (CSE:OWLI, OTCQB:OWRDF) has announced a non-brokered private placement of up to 12 million units of the company at a price of C$0.05 per unit for gross proceeds of up to C$600,000.
Vancouver-based One World Lithium said each unit will consist of one common share of the company and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.08 for a period of 36 months from the closing of the offering.
There is no minimum number of units or minimum aggregate proceeds required to close the offering and One World Lithium said it might elect to close the offering in one or more tranches.
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One World Lithium said its management anticipates to allocate the net proceeds of the offering as follows: continued property expansion costs of approximately $50,000; ongoing lab testing of the company's Critical Fluid Separation Technology costs of approximately $400,000; and the balance for working capital.
The company said it may pay a finder's fee in connection with the offering.
Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the closing of the offering in accordance with applicable securities legislation.
One World Lithium also announced that it has granted incentive stock options to a director and officer as well as five consultants of the company to purchase up to an aggregate of 2,700,000 common shares. The options are exercisable on or before September 2, 2024 at a price of $0.065 each and are fully vested. All options were granted in accordance with the company's stock option plan.
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